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annoying automated merchant processor call

Oh boy! here’s the latest deal from the MERCHANT PROCESSOR auto dial soothing mechanical female voice: THIS IS NOT A DIRECT QUOTE, BUT WHAT I COULD REMEMBER:

Do you need a credit card processing account? At NAB we offer the lowest rates, starting at just 1.39%. We’ll deposit $100 in your account after the first month. You may even qualify for a free terminal. Don’t wait. We’ll even pay you $500 if you decide not to use our service.

Let’s examine what the average company is likely to get based on the latest EASY TO READ NAB published rates.
1.59% is qualified rate defined as “Card is swiped…”
What it doesn’t state is that not all swiped cards are qualified. You’ll find that out later. This is likely for debit swiped only ( no rewards or credit cards), since anything else would be below interchange.

Rate for card not present QUALIFIED (mail, phone, internet) is 2.29%
You have to put in address information to get qualified.
if you don’t put in address verification (they charge extra to do it), then you have a 1.49% surcharge.

What cards are qualified? mid-qualified? non-qualified? None of those are answered here. They want to entice you in without what I would consider full disclosure. READ MORE ABOUT MERCHANT ACCOUNT RATE DECEPTION

Our consultants disclose exactly what you can expect. There are over 100 different rates, so we won’t go over the entire list which you can access online at the association web sites. But your proposal does include all the rates you can expect based on your current processing, plus information to determine the rate for any other type of transaction. Some may not be known because their is no disclosure by your current supplier. With all solutions we present, there is nothing hidden.